This blog is about money. No…. its actually about wealth. Because there is a big difference between wealth and money.
Actually, i read the book “The Richest man in babylon”, may be for the 4th or 5th time. This is tahe book to which Jim Rohn says is the bible for How to get rich.
I will summarise here in this short, what i got from this epic book.
How to get Rich : Lessons from the richest man in babylon
There is a difference bwtween money and just wealth. “A man’s wealth is not about money, but his ability to develop streams of it.”
Suppose for example : If u have 1000 bucks and somebody on streets rob you. After a year from this you will not be worried about it, if you have sources of income to produce more money.
A wealthy man, not just lives in monthly income from check to check to check, but they employ there savings from checks to create more sources of income from them.
“Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow” – Algamish ( The richest man in babylon)
So going further in this How to get rich article, here are 5 Lessons from The richest man in babylon.
1… Pay yourself first
You have an income, but most of your income is not yours. You will say WHATTT!!! bro
But you know the fact, you have your expenses, you pay your bills, EMI, mortgage, rent, you pay for your car, for your food, insurance etc etc … and at the end of month you say- i don’t have much money.
“ A fat purse quickly empties if there be no golden stream to refill it”- Kobbi (the richest man in babylon)
The Book –The richest man in babylon says- “Pay yourself first, atleast 10 percent of the income you have.” However , Jim suggests you should save more than 10 percent if you can – be it 20, 30 or even 50 percent.
Can you imagine, if you save at least 10 % of your income for 10 years, how much money you will make?
Here’s a catch- if someone gives you 1 million dollar, and ask you not to use them. Does that money is of any use to you???
Ofcourse – No
Same like savings, if you can’t use of savings, are they of any value to you ??? Of course No.
So what to do with it? Lets come on to lesson number 2
2 … Make your money money multiply/Find your money a job
If you’ve read the book Rich dad, poor dad by Robert Kiyosaki, he explains- make your money work for you.
Create Assets and that’s one of the hardest things for people, because It doesn’t get build overnight. Building wealth takes time.
If you search How to become rich on internet you may find a lot of articles, but only few of them are of use.
3… Money will slip away from those who invest in unfamiliar things
This is the third lesson from the book. It says, Now you have money and someone comes to you and says- “hey invest in real estate” and you don’t know anything about real estate. But you still invest and loose your money because you don’t know how real estate works.
Make sure what you invest in.
“You will have to study.You will have to work.”
Remind yourself- “Its wealth creation. It takes time.”
4… Protect your money: Invest under the advice of wise man
This one is my favorite. I am obsessed with finding a mentor. There is n faster way to do things other than seeking advice from the ones who have already done it.
So best way to become wealthy is to follow advice of wealthy people.You can’t become rich by following advice of poor or middle class people.
5… “Don’t fall for too good” for true investments
Wealth creation takes time, its not an overnight process and this can be a little disapppointing for most people, because everyone wants to get rich fast.
SO, following this they invest in wrong investments and eventually loose money.
These are the lessons i got from the epic The richest man in babylon
Hope i have been of service to you. Thank you for your precious time you invested in reading impulsemen and helping us aid in your personal development.